The future course of the non fungible token (NFT) market over the following five years was examined in a recent analysis by Juniper Research. The report predicts that by 2027, there would be about 40 million worldwide NFT transactions, up from 24 million in 2022.
Based on the research, the use cases that are in context to the metaverse might be the reasons behind the main drivers for NFT adoption. In the following five years, this subset of NFTs will have the fastest growth. By 2027, there will be 9.8 m transactions involving metaverse-related NFTs, up from 600,000 during 2022.
This is further supported by a latest analysis from Ripple (XRP), which questioned significant financial institutions about their enthusiasm in NFT. The most interesting NFTs had to do with music.
In addition to building up worth in a wallet, music NFTs frequently incorporate multiple uses, like special artist content and tiny interests in song rights.
According to Juniper, the study’s information is based on an adoption “medium scenario.” Despite the fact that these digital assets present fresh opportunities for growth and revenue generation, the report advises vendors to exercise caution given the prevalence of NFT scams in the industry.
A number of allegations of NFT frauds were reported since the surge began in 2021, the majority regarding the integrity of NFTs in cryptocurrency wallets but also compressor operations.
Solana (SOL) disclosed their strategies for preventing spam NFTs. Including its Phantom wallet, the blockchain intends to add a burning feature that will let people filter out any spamming NFTs that have been issued by con artists.
Projects that lack long-term sustainability and utility have been eliminated as a result of the present crypto bear market scenario.
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